Economics the study of how society manages its scarce resources.
aptitude the property of society getting the most it can from its scarce resources
Equality the property of distributing scotch prosperity uniformly among the members of society
Opportunity cost whatever must be precondition up to obtain some item
Rational mickle people who systematically and purposefully do the best they can to strain their objective
Marginal changes small incremental adjustments to a plan of action
Incentives smth that induces psyche to act
food mart economy - an economy that allocates resources through the decentralized decisions of more firms and households as they interact in markets of goods and go
Property rights the ability of an several(prenominal) to own and exercise control over scarce resources
Market failure a situation in which a market left on its own fails to allocate resources
Externality the touch of one persons actions on the well-being of a bystander
Market power the ability of a single economic actor (or small group of actors) to have a stiff influence on market prices.
Productivity the quantity of goods and services produced from each unit of labor input
Inflation an increase in the overall level of prices in the economy
Business cycle fluctuations in economic activity, such as employment and production
Ten principles:
1 People face trade-offs
2 The cost of smth is what you give up to get
3 Rational people think at the margins
4 People respond to incentives
5 Trade can discover everyone better off
6 Markets is a good way to contrive economic activity
7 Government can sometimes reform market outcomes
8 A countrys prototype of living depends on its ability to produce goods and services
9 Prices rise when the government prints to much money
10 Society faces a short-run trade-offs between unemployment and inflation
Chapter 2
Circular-flow diagram a visual modeling of the economy...If you want to get a full essay, order it on our website: Ordercustompaper.com
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